Alphabet Inc GOOGL GOOG spinoff Sandbox AQ, has reportedly raised $500 million.
What Happened: The enterprise software as a service company, with a focus on artificial intelligence and quantum software, counts former Google CEO Eric Schmidt as its chairman and investor.
Others that have invested in the startup include Breyer Capital, T.Rowe Price funds, and Salesforce Inc founder Marc Benioff’s TIME Ventures, Reuters exclusively reported on Tuesday. Google is not a shareholder in Sandbox AQ.
The company did not immediately respond to Benzinga’s request for comment.
See Also: Best Quantum Computing Stocks Right Now
Why It Matters: Quantum computers are expected to be millions of times faster than today’s supercomputers, as per the report, and Sandbox AQ reportedly helps users identify parts of cryptography that are vulnerable to the coming quantum evolution and bolsters encryption, according to its CEO Jack Hidary.
The company also sells simulation software to hasten the development of drugs and materials, but this doesn’t require quantum computers, according to the report.
Last month, Sandbox AQ reportedly won a contract with U.S. Air Force for research on quantum navigation technologies.
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Posted In: artificial intelligenceEric SchmidtJack HidarySandbox AQNewsEventsTechMedia
